International Support Pledges Billions to Aid Ukraine’s Reconstruction at Recovery Conference
📌International leaders, officials, and investors gathered in London for a two-day «Ukraine Recovery Conference» aimed at securing funding for Ukraine’s reconstruction post-war. Ukrainian President Volodymyr Zelenskyy highlighted the urgent need for reconstruction efforts, emphasizing the destruction caused by Russian aggression. The United Kingdom pledged financial support, including $3 billion in World Bank loan guarantees, while the United States promised $1.3 billion to help Ukraine modernize its energy grid, ports, railways, and other infrastructure.
📌In addition to financial commitments, British Prime Minister Rishi Sunak launched a war insurance framework to encourage companies to invest in Ukraine. The framework aims to address concerns about insurance coverage against war-related damages. European Commission President Ursula von der Leyen pledged 50 billion euros for Ukraine from 2024 to 2027, and U.S. Secretary of State Antony Blinken offered additional aid of $1.3 billion.
📌Ukraine is seeking up to $40 billion for the initial phase of its «Green Marshall Plan,» focusing on rebuilding the economy and transitioning to a coal-free steel industry. The overall cost of reconstruction is estimated to be significant, with figures ranging from $411 billion for the first year of the war to potentially exceeding $1 trillion. Concrete commitments and support from the international community are crucial for Ukraine’s recovery and its aspirations to become a strong member of the Western world.